Filed Under:Your Practice, Regulatory

Treasury official to NAIC: Focus on p/c counterterrorism controls

An official from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) weighed in on a state regulatory call today on the insurance regulatory system’s measures for combating money laundering and terrorist financing by saying much more works needs to be done.

The official, David Brummond, senior sanctions advisor with OFAC, said that the International Association of Insurance Supervisors (IAIS) revisions to Insurance Core Principle (ICP) 22 -- standards for a country’s anti-money laundering terrorism financing legislation -- need to reflect the fact that the property casualty sector is not well-represented in counterterrorism measures in the ICP. 

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Nichole Morford

Nichole Morford
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